Columbia Laboratories ($CBRX) is slashing 42% of its workforce in light of the FDA's recent rejection of a vaginal progesterone gel it is developing with Watson Pharmaceuticals ($WPI). The product incorporates Columbia's bioadhesive drug delivery technology, which uses the bioadhesive polymer polycarbophil to bond to mucosal surfaces in the body, after which it discharges the drug it carries using controlled release. Columbia is making the majority of its 10 cuts in research and development and administration; 24 positions will remain. Moving forward, the company said it is considering "all strategic options" and will continue to try advancing its vaginal progesterone gel to regulatory approval. Story